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How big is the remittance industry_

Best online money transfer in australia

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How big is the remittance industry_

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  1. How big is the remittance industry?

  2. . Since you are using international money remittance services every often, isn’t it exciting to enquire about the big “Remittance Industry”? Seriously, how big is the remittance industry? Let us find out in detail… The global digital remittance market size was valued at USD 16.28 billion in 2020, which is expected to reach a compound annual growth rate (CAGR) of 13.3% from 2021 to 2028. The remittance industry is most likely to be rising again and again in the next decade due to numerous reasons such as: The ever-rising surge in the international migrant population, increasing cross-border transactions. ●

  3. . Payment automation and digitalization of international money transfer fueling digital-savvy customers to opt for digital remittances. Rise of easy-peasy mobile apps for overseas transactions that enable the users to send money in a few swipes. Competitive reduction in the remittance cost. Digital remittances caused a significant reduction in the transfer speed etc. ● ● ● ●

  4. . Looking at the status of inward and outward remittances, the developing countries such as India, China, Mexico, the Philippines, Egypt, Pakistan etc. are among the top countries that receive the most inward remittances and benefit the most from it. The developed countries that offer better living standards, employment opportunities etc. attract the people from the developing countries to settle within their boundaries. Thus, the host countries that send maximum outward remittances are the United States (US), the United Kingdom (UK), Australia, Canada, Gulf countries like Qatar, Kuwait etc. There are various channels through which remittances can be conducted, they are: Traditional banks Money Transfer Operators Mobile Network Operators etc. ● ● ●

  5. . Studies state that it is the money transfer operators (MTOs) that dominate the remittance market and account for more than a 40.0% share of the global revenue in 2020. Since money transfer operators are providing lower transfer costs than banks, the same level of reliability and security as banks, speedy transactions, user-friendly websites and mobile apps for the clients, multiple offers and rewards etc. their demand has been higher than ever. The best online money transfer in Australia takes efforts to offer the highest exchange rates in the market with state-of-the-art technological intervention and data security.

  6. THANK YOU

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